Polyethylene Terephthalate (PET) Market Outlook, Projected Growth and Competitive Landscape Analysis

Allied Market Research recently published a report titled "Polyethylene Terephthalate (PET) Market By Type (Virgin, Recycled), By Application (Packaging, Automotive, Construction, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." The report indicates that the global polyethylene terephthalate (PET) industry, valued at $30.3 billion in 2022, is projected to reach $54.4 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/2161

Key Drivers for Market Growth:

The global PET market is primarily driven by:

- Increased demand for packaged food and beverages, alongside the rising trend for sustainable packaging solutions.

Technological advancements in PET production, along with the growing demand for PET in industries such as automotive and electrical & electronics. However, the market faces challenges like rising crude oil prices (affecting virgin PET production) and fluctuations in raw material prices, which may hinder growth.

Market Segmentation Insights:

- Virgin PET Segment: This segment led the market in 2022, accounting for approximately 75% of global PET revenue. Virgin PET, derived from petrochemical feedstocks, is favored for its non-reactivity, shatterproof properties, and superior performance in flexible packaging. The growing trend of technological innovations in packaging applications is expected to drive demand for virgin PET in the coming years. The Recycled PET Segment is expected to grow at the fastest rate, with a CAGR of 6.3% from 2023 to 2032.

- Packaging Segment: Dominated the PET market in 2022, accounting for nearly three-fourths of global PET revenue. PET's unique physical, optical, and mechanical properties make it ideal for packaging applications like bottles, trays, and containers. The Construction Segment is expected to grow at the highest CAGR of 6.6% during the forecast period.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞:
https://www.alliedmarketresearch.com/polyethylene-terephthalate-market/purchase-options

Regional Insights:

- Asia-Pacific held the largest market share in 2022, contributing to about one-third of global PET revenue. This region is projected to grow at a CAGR of 6.5% from 2023 to 2032, driven by the increasing demand for PET in the food & beverage industry and the growing trend of packaged and ready-to-eat food in the region.

Key Players in the PET Market:

- RTP Company
- BASF SE
- DuPont
- DSM
- LOTTE Chemical Corporation
- Indorama Ventures Public Company Limited
- SABIC
- LANXESS
- Nan Ya Plastics Corporation
- LyondellBasell Industries Holdings B.V.

These companies have been employing various strategies like new product launches, collaborations, and joint ventures to expand their market share and strengthen their positions in different regions.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/polyethylene-terephthalate-market

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.